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BNP Paribas fined $9bn
BNP Paribas has pleaded guilty to charges of falsifying records and of conspiracy as part of an $9bn (£5.3bn) settlement with US regulators.
The French bank broke US sanctions in place against countries including Cuba, Iran and Sudan.
It had been in negotiations for months with the Department of Justice, and the bill is far above the $1.1bn the bank set aside earlier in the year to pay the costs.
BNP is not the first bank to be punished for sanctions violations – Credit Suisse was fined in 2009, ABN Amro in 2010, Standard Chartered in 2012 and RBS in 2013.
But it is the largest punishment by a long way. The previous biggest was StanChart’s $667m settlement.